Mintos Ratings Update for October 2019

In the fourth quarter of 2019, we are presenting you with the third Mintos Ratings update so far.

This time, we are downgrading the risk ratings for two loan originators on Mintos: Aasa Poland and Rapido

The risk ratings for the affected loan originators will be updated as of October 23, 2019.

Rating updates come as a result of the Mintos Risk Team’s dedicated monitoring and analysis of loan originators’ financial performance reports, activities in the country or countries of operation and our marketplace. The risk ratings report is a guide we offer our investors to help them navigate the diverse investment opportunities on the Mintos marketplace while evaluating risks. We asses our loan originators based on their operations, management, financials, risk appetite, portfolio performance and regulatory environment. If you want to know more about Mintos Ratings, you can read more here.

Aasa Poland

Aasa Group joined Mintos in February 2017 by placing consumer loans from Poland on the Mintos Primary Market. Aasa Group started operations in Poland in March 2012 through its subsidiary Aasa Polska. At the time of joining Mintos, Aasa Group was the biggest loan originator on our marketplace. In September, the value of Aasa Global loans outstanding on Mintos was EUR 9 381 136. On Mintos, Aasa offers loans from Aasa Polska, S.A. and Aasa Kredit Svenska AB.

Aasa Kredit Svenska’s rating was downgraded in March this year. This was due to a large increase in non-performing loan rates in 2018 of one of its companies within the group – AASA Oy (Finland).

What has changed?

Aasa Poland’s rating has been downgraded from A- to B+.


The decision to downgrade the rating for Aasa Poland was driven mainly by the regulatory uncertainty in Poland. If approved, the proposed regulation in Poland would impose more stringent requirements for the industry. These would include a limit for APR caps which might negatively affect the company’s financial standing. 

Due to the potential upcoming changes in legislation, Aasa has sharply reduced its risk appetite and exposure in the Polish market. As a result, the portfolio has decreased by EUR 21 million during H1 2019 (from EUR 71 million to EUR 50 million).

Rapido Finance

Rapido Finance S.L.U. is a specialist consumer finance provider, offering flexible loans to qualified customers in Spain. In order to launch the company’s operations in Spain, EuroOne purchased Rapido Finance S.L.U. under the NetCredit brand in August 2017, and joined the Mintos marketplace in November 2017. In February 2019, EuroOne rebranded a whole segment of offer on Mintos to Rapido Finance, with a specific focus on short-term loans. Currently, Rapido Finance offers LunaCard products to its customers. In September, the value of Rapido Finance loans outstanding on Mintos was EUR 609 016.

What has changed?

Rapido Finance’s rating has been downgraded from B- to C.


Along with the business strategy change from offering short-term loans to offering a card product, Rapido Finance has significantly reduced the loan portfolio. As a result, the financial performance of the company has been affected negatively and Rapido Finance has become highly dependent on the additional capital supplied by its shareholders. Until we see the results of the new product’s performance and financial break-even is reached, we will remain cautious by downgrading Rapido to a rating C. 

Important note

Please keep in mind that existing Auto Invest strategies do not automatically adjust after the risk rating upgrades. If you want to start or stop investing in these loans, you need to adjust your Auto Invest settings manually.



Have something to share?

Ask questions, share your thoughts, and discuss with other investors in our Community.